MONEYLENDERS.

Press, Volume LXII, Issue 18675, 26 April 1926, Page 10

MONEYLENDERS.

PROTECTING PUBLIC. . A NEW BILL. (BY CABLE—PRESS ASSOCIATION*— COPYRIGHT.) (REUTES'S TELEGRAMS.! ■ LONDON, April 23. An undertaking that the Government will do its utmost to secure the passage of a Bill to protect the public against moneylenders was given by Sir W. Joynson-Hicks in the House of Commons, and the Bill was read a second time without a division. After some objections regarding the provisions, the mover, Major Glyn, said that the Bill laid it <jo\vu that a moneylender must take out an annual license costing ■ los. No moneylender's circulars or advertisements shall be. sent to anybody except at the latter's written request. Newspaper advertising shall be prohibited beyond a statement of the moneylender's real name and registered address. All contracts shall be in writing, a copy of which shall be furnished to the borrower, and the interest generally shall not exceed 4S per cent, per annum. SECOND READING CARRIED. (AUSTRALIAN* AND N.Z CABLE ASSOCIATION.) (Received April 25th, 11.5 p.m.) April 24. The House of ■ Commons without a division carried the second reading of the -Private Member's Bill inroduced by Major 11. G. C. Glynn for tightening restrictions on money lenders, limiting interest to a maximum of 48 per cent., forbidding the use of false names and sending unsought circulars. Sir W. Joynson-Hicks intimated the Government's general support with the intention of facilitating the passage of the Bill.